From a security perspective the FreeBSD 7.2 release includes 8 issues (no that's not many is it?) from the FreeBSD 7.1 release.

The desktop side has also been updated on Gnome to version 2.26 and on KDE up to 4.2.2, which is the first time FreeBSD has included KDE 4.x. Though FreeBSD 7.2 is just being release now though, PC-BSD 7.1 which is a desktop variant of FreeBSD has been out for several weeks and was already using early versions of FreeBSD 7.2 including KDE 4.2.2.

Overall FreeBSD 7.2 looks to be a decent incremental update as FreeBSD developers continue to gear up for FreeBSD 8.